Mart Updates Expected Spud Date of UMU-11 Well; Correction of Previously Announced Dividend Ex-Dividend Date
- The UMU-11 well is expected to spud in July 2013 once additional drill slot preparations on the existing pad are completed.
- The main objectives for UMU-11 include the further appraisal and development of proven oil reservoirs encountered, but not completed, in the UMU-9 and UMU-10 wells.
CALGARY, ALBERTA -- (Marketwired) -- 06/27/13 -- Mart Resources, Inc. (TSX VENTURE: MMT) ("Mart" or the "Company") and its co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the Umusadege field) and SunTrust Oil Company Limited are pleased to provide an update on Umusadege drilling operations.
UMU-11 Well Update
The UMU-11 well was originally planned to spud in the third slot of the UMU-9 drilling pad. When trying to clean out the 20-inch conductor that was previously pile driven to a depth of approximately 300 feet, the UMU-11 well encountered an obstruction at a depth of approximately 275 feet. Retrieval and milling operations were attempted to utilize this drill slot, but were unsuccessful. It is believed that the 20-inch conductor is bent or kinked, which caused an obstruction. The rig will now be skidded forward to a new slot utilizing the existing drilling pad.
The main objectives for the UMU-11 well are proven oil reservoirs encountered, but not completed, in the UMU-9 and UMU-10 wells. These sands were previously logged and sampled. The UMU-11 well's objective is to test four of these oil-bearing sands, and if successful, complete these sands for production.
Correction of Previously Announced Ex-Dividend Date
Mart also announces a correction to the dates associated with the June 26, 2013 declaration of a quarterly dividend of $0.05 per common share. The dividend is payable on July 18, 2013 to shareholders of record at the close of business on July 10, 2013, and the correct ex-dividend date is July 8, 2013.
Additional information regarding Mart is available on the Company's website at www.martresources.com and under the Company's profile on SEDAR at www.sedar.com.
Note: Except where expressly stated otherwise, all production figures set out in this press release, including barrels of oil per day ("bopd"), reflect gross Umusadege field production rather than production attributable to Mart. Mart's share of total gross production before taxes and royalties from the Umusadege field fluctuates between 82.5% (before capital cost recovery) and 50% (after capital cost recovery).
Forward-Looking Statements and Risks
Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as "forward-looking statements". These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
In particular, past production levels and crude oil deliveries are not necessarily indicative of future production levels and crude oil deliveries. In addition, statements (express or implied) concerning the allocation of export and pipeline capacity to the Umusadege field from the third party pipeline owners, should be viewed as forward-looking statements. There is no assurance that the UMU-11 well will be successfully drilled.
There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
Contacts:
Mart Resources, Inc. - London, England office
Wade Cherwayko
+44 207 351 7937
Wade@martresources.com
Mart Resources, Inc.- London, England office
Dmitri Tsvetkov
+44 207 351 7937
dmitri.tsvetkov@martresources.com
Mart Resources, Inc. - Canada
Sam Grier
403-270-1841 or toll free 1-888-875-7485
www.martresources.com
